Home to 268 fintech companies, Thailand is home to a fast growing fintech sector. In the first nine months of 2021, Thai fintech companies secured US$215.6 million in fintech funding, a significant improvement over 2020’s US$134 million take, according to the Fintech in ASEAN 2021 report by UOB, PwC Singapore and the Singapore FinTech Association
To keep up with Thailand’s dynamic fintech funding landscape, we look today at six of the country’s most well-funded fintech companies.
Opn – US$222 million
Founded in 2013, Opn specializes in online payment, blockchain technology for fintech applications and digital transformation solutions. The company provides businesses with tools and technology to run their online businesses, accept payments and connect with their customers.
Opn is powered by its payment infrastructure sister company, Omise Payment Holdings, which provides one-stop online payment solutions. Its services are used by thousands of merchants and businesses around the world.
Opn closed a US$120 million Series C+ funding round on May 10, 2022, bringing the total capital raised to over US$222 million to date. The company said it will use the proceeds to funds to continue scaling its business and expanding into new geographies.
The startup started out as Omise Holdings before rebranding to Synqa in 2020, and then Opn earlier this month. Opn was founded in 2013 in Thailand before expanding to Singapore, Malaysia, Indonesia, the Philippines and Vietnam.
Ascend Money – US$150 million
Founded in 2013, Ascend Money is one of the Southeast Asia’s leading fintech companies providing innovative payment and financial services across six countries, namely Thailand, Cambodia, Myanmar, Vietnam, the Philippines and Indonesia.
Ascend Money is the company behind the TrueMoney Wallet, the leading digital payment and financial service platform in Thailand, which serves more than 50 million users and has a network of 88,000 agents.
In September 2021, Ascend Money became Thailand’s first fintech union after closing a US$150 million round that gave it a US$1.5 billion valuation. The company said it will use the capital to grow the user base of its TrueMoney Wallet and to expand digital financial services, including digital lending, digital investment and cross border remittances across Southeast Asia.
Ascend Money is under the Ascend Group, a digital technology business conglomerate providing digital financial, e-commerce, data and cloud services.
Sunday – US$75 million
Founded in 2017, Sunday is a fully-integrated sales and services insurtech that uses artificial intelligence (AI) and digital platforms to offer personalized insurance products and services that suit all types of individual and business risks.
The company runs three main brands: Sunday Ins, a full-service digital life and non-life brokerage arm for its direct consumers, corporate clients and partners regionally; Sunday Care, a healthcare and electronics protection solution provider; and Sunday Technologies, a data science and technology service provider.
Since its launch, Sunday claims it has sold more than 1 million policies and grown its customer base to 100,000+ active health members, and 700+ local enterprises.
Sunday has raised US$75 million in funding, according to CB Insights, its latest round being a US$45 million Series B closed in September 2021. The company said it will use the funding to expand its Indonesia and develop new distribution channels, including insurance agents and small and medium-sized enterprises (SMEs).
Rabbit Care – US$24.6 million
Rabbit Care, a subsidiary business of Rabbit Group under VGI, is Thailand’s leading marketplace for insurance and financial products, counting more than four million customers and 70 partners.
Rabbit Care provides a platform that allows customers to conveniently compare and buy insurance and financial products. Product discovery and comparison are always supported by more than 300 knowledgeable care agents via phone or chat 24/7.
Rabbit Care covers six business segments, namely motor insurance, health insurance, life insurance, other insurance, corporate insurance, and financial products.
Formerly known as Rabbit Finance, the company rebranded to Rabbit Care in October 2021 with the vision of becoming consumers’ first choice for transparent insurance and financial advice. Rabbit Care has set out a target of more than THB 3 billion (US$86.7 million) insurance premium in 2022.
Since inception, Rabbit Finance has raised funding of over THB 850 million (US$24.6 million), according to VGI.
Finnomena – US$13.5 million
Founded in 2015, Finnomena is a digital wealth management platform that offers investment products, financial advice, analysis tools, and investment content.
The investment and portfolio management application is designed to help users invest and manage financial goals. The app recommends an automated portfolio of stocks based on the risk that investors choose, along with tracking down their investment situations and adjusting their investment plans to their needs.
Finnomena has experienced significant growth these past years, recording THB 30 billion (US$867 million) in assets under management (AUM) in H1 2021. The sum represents a 90% growth in a span of just six months.
Finnomena closed its latest round of funding in January 2020, securing a US$10 million Series B to expand across Southeast Asia. The round brought Finnomena’s total funding to US$13.5 million, reported the Business Times back then.
SCB Abacus – US$12 million
Founded in 2017, SCB Abacus is an alternative digital lending specialist from Thailand.
SCB Abacus’ flagship product, MoneyThunder, is a digital unsecured lending application that serves the underbanked population in Thailand. The platform utilizes SCB Abacus’ in-house AI and ML capabilities to underwrite loans and provide a completely automated approval experience for consumers. SCB Abacus also offers customers a fast time to money of 5-20 minutes from initial registration through loan disbursement.
As of August 2021, MoneyThunder had seen close to 5 million application downloads with loans disbursed surging, increasing by a multiple of 10 in 2021 versus 2020.
SCB Abacus closed a US$12 million Series A in September 2021 to accelerate its product development and expansion, strengthen its technology infrastructure and underwriting capabilities, and recruit additional talent. It expects to raise a Series B funding round by the end of 2022.
SCB Abacus is a spin-off of Siam Commercial Bank.